In Miami-Dade County real estate prices continue to rise. The average price per square foot of a single-family home was $185, an increase from $171 in May 2012. Condo prices have gone up from a year ago, but compared to six years, they’re still down. The average per square foot price in the county went from $344 in 2007, to $234 last May and $283 this May, the Miami Today News said. The median price of condos in the second quarter of 2010 was $125,000; now it’s $185,000.
The demand for viable development sites throughout Miami-Dade County is boosting the cost of commercially zoned land, Miami Today News reported. Between January and April, 12 randomly selected sales comprising 51 acres averaged $1.3 million an acre, or $29.84 a square foot, according to an informal survey. Last year, 24 commercial land sales totaling 188 acres throughout the county showed an average price of just over $700,000 an acre, or about $16.07 a square foot, Patricia Birch, a property appraiser with Gallaher & Birch, told the publication.
REAL ESTATE IN MIAMI AND SOUTH FLORIDA
John Kanas of BankUnited, which has more than $12 billion in assets and 95 locations nationwide, speculated on the industry’s future in a wide-ranging interview with the Sun-Sentinel. “We aren’t seeing any evidence of over-leveraging in South Florida,” said Kanas, who is based in New York.
“The economy has improved in South Florida but above Palm Beach County, not as much. We see recovery in the Tampa area. But the rest of the state has been lagging behind,” Kanas said.